Tower Research Capital LLC TRC Decreases Holdings in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Tower Research Capital LLC TRC cut its holdings in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCNFree Report) by 46.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,226 shares of the company’s stock after selling 1,921 shares during the quarter. Tower Research Capital LLC TRC’s holdings in DigitalOcean were worth $87,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in DOCN. Bank of New York Mellon Corp raised its stake in shares of DigitalOcean by 113.0% during the first quarter. Bank of New York Mellon Corp now owns 422,843 shares of the company’s stock worth $24,461,000 after acquiring an additional 224,357 shares in the last quarter. US Bancorp DE bought a new position in shares of DigitalOcean in the first quarter worth approximately $308,000. Cambridge Investment Research Advisors Inc. grew its holdings in shares of DigitalOcean by 20.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,978 shares of the company’s stock worth $462,000 after purchasing an additional 1,333 shares during the last quarter. Citigroup Inc. grew its holdings in shares of DigitalOcean by 2.4% in the first quarter. Citigroup Inc. now owns 55,300 shares of the company’s stock worth $3,198,000 after purchasing an additional 1,287 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of DigitalOcean by 77.0% in the first quarter. PNC Financial Services Group Inc. now owns 5,414 shares of the company’s stock worth $313,000 after purchasing an additional 2,356 shares during the last quarter. 56.53% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $26.76 on Tuesday. The company’s fifty day moving average price is $39.71 and its 200-day moving average price is $37.32. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 30.91. The stock has a market cap of $2.38 billion, a PE ratio of -74.33, a price-to-earnings-growth ratio of 1.40 and a beta of 1.35. DigitalOcean Holdings, Inc. has a 12 month low of $23.38 and a 12 month high of $51.69.

DigitalOcean (NASDAQ:DOCNGet Free Report) last posted its quarterly earnings results on Friday, August 11th. The company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. The firm had revenue of $169.81 million during the quarter, compared to analyst estimates of $169.75 million. DigitalOcean had a negative return on equity of 32.38% and a negative net margin of 5.27%. On average, equities analysts expect that DigitalOcean Holdings, Inc. will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on DOCN shares. Barclays cut their target price on shares of DigitalOcean from $58.00 to $42.00 and set an “overweight” rating on the stock in a report on Friday, August 4th. JMP Securities cut their target price on shares of DigitalOcean from $59.00 to $47.00 and set a “market outperform” rating on the stock in a report on Friday. Piper Sandler cut shares of DigitalOcean from a “neutral” rating to an “underweight” rating and set a $35.00 price target on the stock. in a report on Wednesday, June 21st. Bank of America lifted their price target on shares of DigitalOcean from $40.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $36.00 price target on shares of DigitalOcean in a report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $46.58.

Read Our Latest Stock Analysis on DOCN

Insider Transactions at DigitalOcean

In other news, COO Jeffrey Scott Guy sold 10,000 shares of DigitalOcean stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $32.41, for a total value of $324,100.00. Following the completion of the transaction, the chief operating officer now owns 134,262 shares of the company’s stock, valued at approximately $4,351,431.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 27,986 shares of company stock valued at $1,078,880 in the last quarter. 4.48% of the stock is owned by insiders.

About DigitalOcean

(Free Report)

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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Institutional Ownership by Quarter for DigitalOcean (NASDAQ:DOCN)

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